Politics in the United States in the 1890s ultimately turned on international finance. The gold standard allowed the country to secure extensive foreign investment on good terms. By devaluing the dollar, silver coinage would largely cut off that investment, but it would also offer farmers of cotton and wheat better prices (in dollars) for what they grew. The matter affected not only the self-interest of different groups but the direction of American society. Silver coinage would push the country back toward its agrarian roots, while the gold standard facilitated the growth of industries and cities. By winning the presidency and consolidating the gold standard, William McKinley not only resolved the immediate question but made sure that the United States would continue to develop as an urban, industrial society.

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Conclusion

  • Wyatt Wells

摘要

Politics in the United States in the 1890s ultimately turned on international finance. The gold standard allowed the country to secure extensive foreign investment on good terms. By devaluing the dollar, silver coinage would largely cut off that investment, but it would also offer farmers of cotton and wheat better prices (in dollars) for what they grew. The matter affected not only the self-interest of different groups but the direction of American society. Silver coinage would push the country back toward its agrarian roots, while the gold standard facilitated the growth of industries and cities. By winning the presidency and consolidating the gold standard, William McKinley not only resolved the immediate question but made sure that the United States would continue to develop as an urban, industrial society.